As technology evolves, so do opportunities around it. The same goes for blockchain, what had started as a small step towards decentralisation, today the idea has grasped the world in a whirlpool. For the unknowns, blockchain is otherwise too known as Decentralised Distributed Ledger, which talks about the idea of decentralisation. So what happens in this case? It is believed that a decentralised mechanism provides everyone with a fair chance to own, interact, and grow without any interference from third parties. The digital database facilitates the storage of transactions and contracts in interconnected blocks. Each block is timestamped, encrypted, and immutable.
The global blockchain technology market was valued at $5.85 billion in 2021. This is expected to reach $1,235.71 billion by 2030, registering a compound annual growth rate (CAGR) of 82.8%, according to market research firm Statista. In 2021, cross-border payments and settlements were considered the largest individual blockchain technology use case, accounting for close to 16% of the market. Lot lineage and provenance also accounted for a large portion of the market share, at 10.7%. Interestingly, the banking industry has become the dominant user of technology more recently. Similarly, the cryptocurrency industry too, has caught on to this trend. As per the report, crypto trader Binance ranked among the largest cryptocurrency exchanges in the world in 2022, with a trading volume that was several times as high as ZG.com.
As a sublet, two more sectors have witnessed rapid progress, non-fungible tokens (NFT) and Web3.0. As per the latest data by Statista, the gaming segment posted the highest volume of sales in the NFT market in 2020, with over six times. NFTs are unique, non-transferable digital assets and can function as blockchain-backed certificates of authenticity. Next in line is Web3.0 which is based on creating a decentralised eco-system and hence, blockchain is expected to play a crucial role in the evolution of the Metaverse. As per Gartner, by 2026, a quarter of people will spend at least an hour a day in the Metaverse where they could carry out daily activities like shopping, and studying. It is further believed that the metaverse will have a virtual economy where people will use digital tokens, in this case, NFT or cryptocurrency to purchase and exchange for things such as digital collectables. Backed by audio reality (AR) and virtual reality (VR) and other technologies, blockchain will play an important role in bringing the Metaverse from concept to reality. This year’s India Blockchain Conclave will focus on discussing the trends, opportunities and challenges that lie ahead for the industry.
Read More ...